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Nairaland Forum / Nairaland / General / Business / Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown (6134 Views)
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Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by nairajotter: 1:37pm On Feb 23 |
Invalidation of $2.4Bn Forward Contracts by the CBN; How many more manufacturers will be forced out of business? Imagine sailing on a calm sea, charts meticulously plotted, course set for prosperity. Suddenly, a colossal wave looms on the horizon, threatening to engulf your vessel and everything you hold dear. SRC: https://dailynewsreporters.com/cbns-2-4bn-contract-invalidation-how-many-more-businesses-will-be-forced-to-close/ 2 Likes 1 Share
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Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by christejames(m): 2:49pm On Feb 23 |
Ebi mpa mi ooo ![]() I don't have enough strength to read that ![]() 1 Like 1 Share |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by PARADIZEPRIEST: 2:50pm On Feb 23 |
Most Nigeria bankers with nnpc have been colluding with evil politicians to sabotage naija foreign exhange,circumvented cbn policies to loot and fleeced the nation of its oil wealth for 24years running of naccent democrazy ![]() 15 Likes 2 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Dijita: 2:50pm On Feb 23 |
The 2.4Billion was considered invalid after independent examination by independent auditors. I believe some of them will probably still be cleared after the documents had been ironed out. It is however wrong to portray CBN as a charlatan denying legitimate businesses of their right due. It is an open secret that was excessive fraud in the forex sector prior to the current reform. 30 Likes 4 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by donbrowser(m): 2:51pm On Feb 23 |
Nigerians can use any medium to engage in corrupt practices, manufacturers were meant to get cheap dollars from the government, people who wanted to use dollars for personal gains would sign up too without importing anything. Same thing they do with PTA and BTA. God bless the president for removing all these loopholes, it's same people you will see crying online that the government is doing nothing. 17 Likes 2 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by PARADIZEPRIEST: 2:52pm On Feb 23 |
Dijita:thank you excessive fraud in forex market,so many infractions committed on behalf of socalled elite/politicians/public office holders since 1999, they own banks and bdcs used for this malfisants. 16 Likes 2 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by ppogba: 2:52pm On Feb 23 |
Corruption will always fight back. Mr. Falola SHUAIBU, you have not offended anyone. You are only working for your pay. 17 Likes 2 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Dobodobo04: 2:53pm On Feb 23 |
The CBN governor succinctly explained himself well during the interview that CBN had external auditors to look at those claims and found a few of them to be bogus. He stated that money owned will be released to genuine claimants, which is the right approach. If we can’t run our affairs well and signal to the rest of the world that we intend to do things rightly, foreign investment won’t come into the country. 21 Likes 3 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by inoki247: 2:56pm On Feb 23 |
Lol if they've a claim and have documents to back it up they should take CBN to court... They should go prove them sef as entity with a valid document and valid claim .... Abi na Journalist una wan pay to recover the money... Cause this looks like a paid article... Trying emotional blackmail through Journalst when the court is there.... 22 Likes 6 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by casualobserver: 2:56pm On Feb 23 |
Dijita: Don’t mind them, people who have been milking the system for years….obtaining forex at the official rate and either not importing anything or importing but selling as if they obtained forex at the parallel rate. We know them..some of them own supermarkets, import everything and anything, things they can manufacture in Nigeria. They made so much money exploiting the system, they bought shares in banks to secure their flow of official forex and they are the ones shouting consumption to production. 19 Likes 5 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by ayoplenty: 2:56pm On Feb 23 |
This piece is judgemental to me, anyone with legitimate claim can always appeal any policy; I don't believe the statement from central bank can not be appealed to in court or other bodies established for such issues. 8 Likes 1 Share |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Cunninglove: 2:56pm On Feb 23 |
nairajotter: Lol |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by PARADIZEPRIEST: 2:59pm On Feb 23 |
Anybody that wanna get Nigeria cleaned up will face heaps of garbage in nnplc,banking system,in ministries,mdas,assemblies,aso rock, fec etc that was left behind by predecessors who will in turn use the ignorant masses to rant and cover his mess.This is what is happening now. ALL NAIJA CRUDE FROM 1999 TODATE,WHERE ALL THE REVENUE GO? NO NAIJA PERMANENT REFINERY NO STEADY POWER FR OBJ TO JONA TO BUHA SAME GARBAGE YOU HEAR. UNA DEY SHOUT TINUBU,YEYE PPL. 11 Likes 1 Share |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by drsmut: 3:08pm On Feb 23 |
As the orphan and handicap you are christejames: 2 Likes |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by lionshare: 3:08pm On Feb 23 |
You alleged that 60% of manufacturers have closed down their factories, but there has only been a 15% decline in total manufacturing output. This seems inconsistent and leads me to believe it is a disguised attempt to persuade the CBN to reinstate those contracts. 7 Likes 3 Shares |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Ola9ja23: 3:18pm On Feb 23 |
Ok |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by VULCAN(m): 3:27pm On Feb 23 |
Lollz. So many urrcchnns above defending the CBN. Sometimes you wonder how these paid agents comment on every sector. You would wonder whether they are Coordinating Ministers. They appear to know what is going on behind closed doors of every sector of government Lollz |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Segzy19: 3:31pm On Feb 23 |
As far as I am concerned Cardoso is on the right track. After all we had a CBN governor there before who was busy trading in dollars and ruining our economy 8 Likes 1 Share |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by gabbytabby: 3:37pm On Feb 23 |
All the fraudulent applications are in jeopardy. nairajotter: |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by gabbytabby: 3:38pm On Feb 23 |
So many thieves caught in the net. VULCAN: 1 Like |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by mabea: 3:38pm On Feb 23 |
ppogba:But the points he made are valid especially if you look at the concluding part of the article. |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by mabea: 3:41pm On Feb 23 |
If they have valid documentation let them bring it forward and make their case it's as simple as that. 4 Likes 1 Share |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by eliwa47(m): 3:45pm On Feb 23 |
That's yah own cup of tea ☕ ![]() |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by STEWpid(f): 3:52pm On Feb 23 |
Chai.. The way we hear FAt monies in Nigeria is Sapionocious!! No wonder our eyes are too big when it comes to money, that we intimidate other Africans and people all over the world!! Chai.. 1 Like |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Olaide1295: 3:53pm On Feb 23 |
As usual, paid writers looking to incite the people's emotions against the government and steal public funds. If you have the documentation for your $2.4B, present it to the central bank. 5 Likes 1 Share |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Menclothing: 4:01pm On Feb 23 |
Greedy people have the highest concentration in Nigeria when you all spoil this country for your selfish interest Government officials will divert funds Corporate world will inflate and divert This country on a long thing 2 Likes 1 Share |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Greenfaces: 4:30pm On Feb 23 |
I don't think il be affected since I'm now manufacturing my own small cheap inverters that are very rugged. I use this boards and I don't mind teaching you how to 2 Likes
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Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by dettolgel: 5:13pm On Feb 23 |
How does this affect investor's confidence? |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by waveman2: 5:23pm On Feb 23 |
This piece only shows corruption fighting back.when you try to do the right thing in nigeria,Nigerians benefitting from the corrupt system will always fight back.They are hiding under the umbrella of MAN to commit forex scam and portraying millions of Nigerians will lose their job if this is looked into.Was there ever any job in the first place? 3 Likes 1 Share |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Sheriff19: 5:38pm On Feb 23 |
Greenfaces:your contact please |
Re: Invalidation Of $2.4bn Forward Contracts By The CBN: Manufacturers' Fate Unknown by Greenfaces: 5:40pm On Feb 23 |
Sheriff19:I sent you an email |
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